Metaplanet sold 10,000 BTC and repurchased 11,000 BTC in Q3, increasing its holdings by 1,000 coins to reach 44,000 BTC as of September 30. The company sold an amount exceeding the total principal of its bonds and borrowings, held the proceeds in cash, but left all debts outstanding on their original terms. The transaction generated a capital loss for U.S. tax purposes, creating an estimated deferred tax asset of approximately $97 million. Metaplanet, which claims to be the world’s second-largest listed Bitcoin treasury company, now intends to pursue a credit rating and announced a new Net Interest Income Strategy as it positions itself as a Bitcoin-based financial institution.
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